Higher than expected CPI reading from Eurozone!

At 10:00 BST the markets learned a package of inflation data from the Eurozone and Italy. The CPI reading from Eurozone turned out to be flat and surprised on the upside, while the core CPI reading (excluding food and energy prices) turned out to be in line with forecasts. At the same time, a mixed reading came from Italy, where we also see a 'problem' with slowly cooling CPI inflation. It seems that the reading will likely legitimize September's EBC rate hike, despite weaker macro data from Eurozone.

Eurozone CPI y/y: 5.3% vs. 5.1% forecast and 5.3% previously
Eurozone CPI m/m: 0.6% vs. 0.4% forecast and -0.1% previously
Eurozone core CPI: 5.3% vs 5.3% forecasts and 5.5% previously
Eurozone unemployment rate: 6.4% vs 6.4% forecasts and 6.4% previously
Italian CPI inflation y/y: 5.5% vs 5.4% forecasts and 5.9% previously
Italy CPI inflation m/m: 0.4% vs 0.4% forecast and 0% previously
Italy HICP inflation y/y: 5.5% vs 5.6% forecasts and 6.3% previously
Italy HICP inflation m/m: 0.2% m/m vs 0.3% forecasts and -1.6% previously

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